The cancer/tumor profiling market is expected to grow at a CAGR of 10.9% in the forecast period. The global cancer/tumor profiling market size is projected to reach USD 13.9 billion by 2025 from USD 8.3 billion in 2020, at a CAGR of 10.9 %. Factors such as the increasing incidence of cancer, increasing demand for personalized medicine, increasing use of biomarkers in cancer profiling, increasing cancer research and funding, and technological advancements in the field are expected to drive the growth of the cancer/tumor profiling market. However, poor regulatory and reimburement scenario serves as a major challenge for the industry.
By technology, the next generation sequencing segment holds the highest market share during the forecast period. Based on technology, the cancer/tumor profiling market is segmented into immunoassays, in situ hybridization, next generation sequencing (NGS), polymerase chain reaction (PCR), mass spectrometry, microarrays, and others.The immunoassays segment held the highest market share in 2019.
The high market share of this segment can be attributed to the wide adoption of these assays as it is the gold standard to measure the presence and concentration of analytes in a sample.
Based on cancer type, the lung cancer segment is expected to register the highest CAGR during the forecast period. Based on cancer type, the cancer/tumor profiling market is segmented into breast cancer, lung cancer, colorectal cancer, prostate cancer, melanoma, and others.The lung cancer segment is projected to register the highest CAGR during the forecast period.
The significant growth in the lung cancer is attributed to the high incidence rate of lung cancer and the increasing need for early diagnosis.
By biomarker type, the genetic biomarker segment holds the highest market share during the forecast period. Based on biomarker type, the cancer/tumor profiling market is segmented genetic biomarkers, protein biomarkers, and other biomarkers.The genetic segment held the highest market share in 2019.
The high market share of this segment can be attributed to the high adoption of these biomarkers during cancer diagnosis and prognosis and in the biomarker discovery process.
By application type, the research application segment holds the highest market share during the forecast period. Based on cancer type, the cancer/tumor profiling market is segmented research and clinical applications.The research application segment held the highest market share in 2019.
The high market share of this segment can be attributed to the increasing focus on biomarker discovery for drug development along with the rapidly growing field of personalized medicine. Additionally, the increased funding for cancer research is propelling the growth of the market. • By Region, The Asia Pacific region holds the highest market share during the forecast period.
The Asia Pacific holds the highest market share during the forecast period (2020 to 2025). Rapidly incidence of cancer, growing proteomics and genomics research, increasing research funding, rising investments by pharmaceutical and biotechnology companies, and growing awareness about personalized therapeutics in several APAC countries, are supporting the growth of the cancer/tumor market in the Asia Pacific region.
Break of primary participants was as mentioned below: • By Company Type – Tier 1–35%, Tier 2–45% and Tier 3–20% • By Designation – C-level–35%, D-level–25%, Others–40% • By Region – North America–45%, Europe–30%, Asia Pacific–20%, Latin America- 3%, Middle East and Africa–2%
Key players in the cancer/tumor profiling market The key players operating in the cancer/tumor profiling market include Illumina, Inc. (US), QIAGEN N.V. (Germany), NeoGenomics Laboratories, Inc. (US), HTG Molecular Diagnostics, Inc. (US), Genomic Health Inc. (US), Caris Life Sciences (US), Helomics Corporation (US), NanoString Technologies, Inc. (US), Sysmex Corporation (Japan), Ribomed Biotechnologies, Inc. (US), Guardant Health, Inc. (US), Foundation Medicine (US) Roche Holdings Inc. (Switzerland), (US), GenScript Biotech Corporation (China), Tempus Labs (US), Boreal Genomics Inc (Canada), Perthera (US), Agendia (US), Omniseq (US), Histogene X (Belgium).
Research Coverage: The report analyzes the cancer/tumor profiling market and aims at estimating the market size and future growth potential of this market based on various segments such as product, distribution channel, and region.The report also includes a product portfolio matrix of various cancer profiling products available in the market.
The report also provides a competitive analysis of the key players in this market, along with their company profiles, product offerings, and key market strategies.
Reasons to Buy the Report The report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn would help them garner a more significant share of the market. Firms purchasing the report could use one or any combination of the below-mentioned strategies to strengthen their position in the market.
This report provides insights into the following pointers: • Market Penetration: Comprehensive information on product portfolios offered by the top players in the global cancer/tumor profiling market. The report analyzes this market by product and distribution channel. • Product Enhancement/Innovation: Detailed insights on upcoming trends and product launches in the global cancer/tumor profiling market • Market Development: Comprehensive information on the lucrative emerging markets by product and distribution channel • Market Diversification: Exhaustive information about new products or product enhancements, growing geographies, recent developments, and investments in the global cancer/tumor profiling market • Competitive Assessment: In-depth assessment of market shares, growth strategies, product offerings, competitive leadership mapping, and capabilities of leading players in the global cancer/tumor profiling market.
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